Question

thank you

Kay Magill Company had the following adjusted trial balance. Kay Magill Company Adjusted Trial Balance June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,712 Accounts Receivable 3,904 Supplies 480 Accounts Payable $1,556 Unearned Service Revenue 160 Common Stock 4,000 Retained Earnings 1,760 Dividends 628 Service Revenue 4,300 Salaries and Wages Expense 1,344 Miscellaneous Expense 256 Supplies Expense 1,900 Salaries and Wages Payable 448 $12,224 $12,224

Answer 1

Answer

• Closing entries

Date	Accounts title	Debit	Credit
30-Jun	Service Revenue	$4,300
	Income Summary		$4,300
	(to close revenue account)
30-Jun	Income Summary	$3,500
	Salaries & Wages expense		$1,344
	Miscellaneous expense		$256
	Supplies expense		$1,900
	(to close expense account)
30-Jun	Income Summary	$800
	Retained earnings		$800
	(to close net income)
30-Jun	Retained earnings	$628
	Dividends		$628
	(to close dividend)

• Post closing trial balance

Accounts	Debit	Credit
Cash	$3,712
Accounts receivables	$3,904
Supplies	$480
Accounts Payable		$1,556
Unearned Service Revenue		$160
Salaries & Wages Payable		$448
Common Stock		$4,000
Retained earnings ($1760 + 800 - 628)		$1,932
Total	$8,096	$8,096